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An undisclosed Long Island investor paid $5.6 million, or $568 per square foot, to acquire 1037 Boston Post Road, an approximately 9,850-square-foot retail building owned by the city of Rye. The building is occupied by Lester”™s clothing store.
Gene Pride and William V. Cuddy Jr., of the Stamford, Conn. office of CBRE Group Inc., brokered the sale for the city. They said the property offering drew interest from 101 investors from 11 states and two foreign countries.
Brokers said the purchaser plans to renovate the building and upgrade its appearance.
